Many customers enjoy the benefit of having withdrawals and payments sent directly to their bank accounts, as utilizing Automatic Clearing House (ACH) and Electronic Funds Transfer (EFT) options makes paying bills efficient and stress-free. New York Life recognizes that people depend on having their deposits in their accounts when they expect them, so that they do not need to worry about payments such as utility bills being paid on time when these come due.
To help our customers fill this need, New York Life recommends making sure customers are aware of two aspects of the process when transferring funds to their accounts:
Just as when someone writes a check drawn on a checking account, customers should anticipate having the funds fully cleared and available on the dates automatic payments are scheduled to “draft” or be withdrawn from their bank accounts.
When a customer initiates and processes a withdrawal from their Fixed Annuity account, the funds may take a minimum of three days to process into their bank account.
1st Day: The withdrawal is processed at New York Life, with the debit reflected in the customer’s accumulation value.
2nd Day: Funds for delivery are notated in New York Life’s accounts, and the manner of delivery for the customers' funds are prepared:
3rd Day: Fund settlement with banks: funds are delivered as payable to the receiving bank. Banks receive notification to credit customers’ accounts. Availability of withdrawal amounts is according to their banks’ availability of funds policy.
New York Life fixed annuities are issued by New York Life Insurance and Annuity Corporation (NYLIAC), A Delaware Corporation, a wholly owned subsidiary of New York Life Insurance Company, 51 Madison Avenue, New York, NY 10010.
For Financial Professional Use